Petroleum Africa
Find us on: 
Monday, March 2, 2015
CGG released its Q4 and Final Year Results for 2014 and like other firms in the industry. The year 2014 was not particularly kind to the company but despite the industry climate CEO Jean-Georges Malcor said the company delivered strong operational results in Q4.
Despite its self-proclaimed strong results the company plans to cut its fleet of vessels, after a decline in demand from clients led to it taking of one-off charges in the amount of $643 million in Q4. CGG will cut its fleet to 11 vessels in 2015, after reducing it to 13 from 18 in 2014.
It also announced an additional cost-reduction plan and a further 25% capital expenditure cut for 2015. The group has already reduced its staff by close to 12%, or 1,150 people, in 2014 it said. Malcor said CGG would cut staff by about 400 people around the world in 2015.
In 2014 the firm was the subject of a preliminary takeover approach by oil services group Technip, although CGG turned down the $1.7 billion offer. When asked during a conference call with reporters if there had been any other offers Malcor said the company was “absolutely open” to consider all opportunities if they made industrial sense, he just does not want CGG split up.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
